Medical Terminology Software Market by Application (Data Aggregation, Reimbursement, Data Integration, Clinical Trials), Products & Services (Services, Platforms), End User (Healthcare Providers, Healthcare Payers, IT Vendors) & Region - Global Forecast to 2027
Updated on : May 29, 2023
The global medical terminology software market in terms of revenue was estimated to be worth $1.0 billion in 2022 and is poised to reach $2.5 billion by 2027, growing at a CAGR of 19.3% from 2022 to 2027. The key factors propelling the growth of this market are growing government initiatives to support HCIT solutions such as medical terminology software and a growing focus on rectifying medical errors. On the other hand, reluctance to use medical terminology solutions is challenging the growth of the global market to a certain extent.
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Medical terminology software Market Dynamics
Driver: Disparity & fragmentation in the terminology content of healthcare organizations
Currently, healthcare ecosystems are quite fragmented in terms of content and infrastructure. A health delivery organization may manage 40 or more separate IT systems, with each system having its own clinical terminology content and infrastructure. These terminology silos make it difficult for organizations to leverage isolated clinical data, which impacts downstream activities such as data analytics. The problem further intensifies when a health system seeks to share data with other healthcare partners. In that scenario, the relevant data resides in numerous isolated systems scattered across multiple healthcare organizations. The lack of a common clinical vocabulary across a magnitude of standalone systems is a key obstacle to national efforts to increase interoperability, transparency, and collaboration within the healthcare system.
Enterprise terminology management, however, aims to help healthcare organizations overcome the interoperability issues associated with multiple, incompatible medical terminologies. Enterprise terminology management lets healthcare organizations adopt a single, integrated, and trusted source of terminology set across an enterprise. Also, a clean, normalized data model ensures departmental systems rely on approved and up-to-date terminologies, maps, and value sets. Normalization also facilitates data exchange across organizations.
Restraint: Interoperability issues
The healthcare industry is highly information-intensive, wherein patient information is generated in all departments at all points of care within a healthcare organization. However, this information can be unusable if not integrated properly to create an exhaustive and accurate patient record. Since a number of healthcare IT tools are used within healthcare systems, there is a greater need to integrate IT systems to aid with accurate decision-making by healthcare professionals at different points of care. Moreover, the lack of interoperability of health organizations with a regional or national health IT platform for exchanging data hinders the full exploitation of healthcare IT solutions.
The increasing development of new medical apps and health information exchange solutions from consumer technology companies presents difficulties in integrating older available solutions. Many healthcare organizations have already invested in various information management systems and medical devices from different vendors, which have their own makes and models. As healthcare organizations are increasingly adopting various healthcare IT systems, there is a greater need for integrating different information technology systems into the IT architecture of an organization to ensure their optimal utilization. As a result, the successful integration of healthcare IT systems with other systems is a major area of focus for IT infrastructure development projects.
Opportunity: Increasing need to maintain data integrity
Healthcare institutions have a growing need for solutions that fully utilize clinical data from within and outside the EHR system. Clean, accurate data is fundamental to maintaining the integrity of information shared across the healthcare industry. However, hospitals face several difficulties in keeping up with the changes in requirements, coding, and the exchange of patient records across different healthcare providers. Currently, the exchange of EHR data from within the healthcare ecosystem does not work as implemented, and incorporating external data is sub-optimal. Without solutions to properly standardize, organize, clean, and maintain clinical data, granularity is lost during the exchange of information, usually due to human or machine readability errors. The existing environment of cluttered data within EHRs raises concerns about data validity and trust, making it challenging for EHR system users to make sense of the existing disorganized data.
The leading providers of medical terminology content and services (in an effort to support clinical workflows in hospitals and medical offices) have recognized the importance of developing solutions that support coding information across the healthcare industry. These companies are trying to tap this opportunity to help healthcare providers leverage high-quality health information quickly and easily to improve patient care.
Challenge: Reluctance to use medical terminology solutions over conventional practices
Although the adoption of medical terminology solutions is gradually increasing, several healthcare providers are still reluctant to use these solutions over conventional practices. This can be attributed to the lack of IT knowledge among healthcare providers. For instance, physicians and practice managers are well-adapted to complicated groups of spreadsheets and have experience in searching codes across multiple sources. These personnel are thus reluctant to switch from conventional methods to automated terminology standardization. Also, several healthcare organizations that are willing to switch to automated terminology management either lack adequate consensus between the staff or do not have the required resources to support the extra cost burden. Similarly, physicians and other staff require sufficient technical knowledge and skills to enter patient medical information, notes, and prescriptions into EMRs.
In the rural areas across the world, factors such as lower internet penetration and a shortage of experts for providing technical assistance further exacerbate the situation, thereby affecting the uptake of clinical workflow solutions by healthcare organizations.
Quality reporting will have the highest growth in the application segment of the medical terminology software market.
On the basis of application, the quality reporting segment to register highest growth. The high growth of this segment can be attributed to the government initiatives in various countries are implementing several regulations to encourage the adoption of quality reporting.
Healthcare service providers will be the largest and fastest-growing end-user segment among healthcare providers in the medical terminology software market.
Based on end user, the healthcare providers segment accounted for the largest share and highest growth rate in the global market during the forecast period. The large share & high growth of this segment can be attributed to the growing HCIT adoption, increasing focus on patient safety, significant growth in healthcare spending, rising medical error rates, increasing healthcare costs, the shift of risk from payers to providers, and government mandates to follow quality measures.
North America accounted for the largest share of the medical terminology software market during the forecast period.
North America holds the largest share of the market. Growth in the North American market can be attributed to factors such as high adoption rate of HCIT adoption, regulatory requirements regarding patient safety, presence of leading market players in the region.
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The global medical terminology software market is dominated by players such as Wolters Kluwer N.V. (Netherlands), 3M (US), Intelligent Medical Objects, Inc. (US), Apelon, Inc. (US), Clinical Architecture, LLC (US), CareCom (Denmark), BiTAC (Spain), B2i Healthcare (Hungary), BT Clinical Computing (Belgium), and HiveWorx (Ireland).
Medical Terminology Software Market Report Scope
|
Report Metric |
Details |
|
Market Revenue in 2022 |
$1.0 billion |
|
Projected Revenue by 2027 |
$2.5 billion |
|
Revenue Rate |
Poised to grow at a CAGR of 19.3% |
|
Market Driver |
Disparity & fragmentation in the terminology content of healthcare organizations |
|
Market Opportunity |
Increasing need to maintain data integrity |
The study categorizes the medical terminology software market to forecast revenue and analyze trends in each of the following submarkets:
By Application
- Introduction
- Data Aggregation
- Reimbursement
- Public Health Surveillance
- Data Integration
- Decision Support
- Clinical Trials
- Quality Reporting
- Clinical Guidelines
By Product & Service
- Introduction
- Services
- Platforms
By End User
- Introduction
-
Healthcare Providers
- Healthcare Service Providers
- Health Information Exchanges
-
Healthcare Payers
- Private Payers
- Public Payers
- Healthcare IT Vendors
- Others
By Region
- North America
- US
- Canada
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Recent Developments
- In March 2022, Thomas H. Lee Partners, L.P. entered into an agreement to acquire Intelligent Medical Objects for ~USD 1.5 billion to support IMO’s product development and expand commercial relationships with hospitals and other healthcare providers.
- In January 2021, Wolters Kluwer partnered with Henry Schein to integrate Henry Schein MicroMD, a practice management and electronic medical record (EMR) solution, with Health Language Clinical Interface Terminology (CIT) to quickly map over a million medical abbreviations, typos, incomplete terms, and acronyms so as to standardize terminology.
- In December 2020, CareCom and J2 Interactive entered into a strategic partnership to launch a new offering, J2 Managed Terminology, that delivers cloud-hosted, best-of-breed clinical terminology services to provider networks, payers, health information exchanges, and software vendors serving the healthcare industry.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global medical terminology software market?
The global medical terminology software market boasts a total revenue value of $2.5 billion by 2027.
What is the estimated growth rate (CAGR) of the global medical terminology software market?
The global medical terminology software market has an estimated compound annual growth rate (CAGR) of 19.3% and a revenue size in the region of $1.0 billion in 2022.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 14)
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 MARKET SCOPE
FIGURE 1 MEDICAL TERMINOLOGY SOFTWARE MARKET SEGMENTATION
FIGURE 2 REGIONAL SEGMENTS COVERED
1.4 YEARS CONSIDERED
1.5 CURRENCY
TABLE 1 STANDARD CURRENCY CONVERSION RATES
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 18)
2.1 RESEARCH DATA
FIGURE 3 RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Key industry insights
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS (SUPPLY SIDE): BY COMPANY TYPE, DESIGNATION, AND REGION
FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS (DEMAND SIDE): BY END USER, DESIGNATION, AND REGION
2.2 MARKET SIZE ESTIMATION
FIGURE 6 MARKET SIZE ESTIMATION: REVENUE SHARE ANALYSIS
FIGURE 7 TOP-DOWN APPROACH
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 8 DATA TRIANGULATION METHODOLOGY
2.4 ASSUMPTIONS
3 EXECUTIVE SUMMARY (Page No. - 26)
FIGURE 9 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION, 2022 VS. 2027 (USD MILLION)
FIGURE 10 GLOBAL MARKET, BY PRODUCT & SERVICE, 2022 VS. 2027 (USD MILLION)
FIGURE 11 GLOBAL MARKET, BY END USER, 2022 VS. 2027 (USD MILLION)
FIGURE 12 GEOGRAPHICAL SNAPSHOT OF THE MEDICAL TERMINOLOGY SOFTWARE MARKET
4 PREMIUM INSIGHTS (Page No. - 30)
4.1 MARKET OVERVIEW
FIGURE 13 RISING FOCUS ON MINIMIZING MEDICAL ERRORS TO DRIVE GROWTH IN THE GLOBAL MARKET
4.2 ASIA PACIFIC: MARKET, BY PRODUCT & SERVICE AND END USER (2021)
FIGURE 14 MEDICAL TERMINOLOGY SERVICES ACCOUNTED FOR THE LARGEST SHARE OF THE ASIA PACIFIC MARKET IN 2021
4.3 GLOBAL MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES
FIGURE 15 ASIA PACIFIC TO REGISTER THE HIGHEST GROWTH IN THE GLOBAL MARKET DURING THE FORECAST PERIOD
4.4 REGIONAL MIX: GLOBAL MARKET (2020–2027)
FIGURE 16 NORTH AMERICA TO CONTINUE TO DOMINATE THE GLOBAL MARKET IN 2027
5 MARKET OVERVIEW (Page No. - 34)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 17 MEDICAL TERMINOLOGY SOFTWARE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
TABLE 2 MARKET DYNAMICS: IMPACT ANALYSIS
5.2.1 DRIVERS
5.2.1.1 Rising focus on minimizing medical errors
5.2.1.2 Government initiatives for HCIT adoption
5.2.1.3 Disparity and fragmentation in the terminology content of healthcare organizations
5.2.2 RESTRAINTS
5.2.2.1 IT infrastructural constraints in developing countries
5.2.2.2 Interoperability issues
5.2.3 OPPORTUNITIES
5.2.3.1 Emerging markets
5.2.3.2 Increasing need to maintain data integrity
5.2.4 CHALLENGES
5.2.4.1 Reluctance to use terminology solutions over conventional practices
6 INDUSTRY INSIGHTS (Page No. - 40)
6.1 INDUSTRY TRENDS
6.1.1 INCREASING PREFERENCE FOR CLOUD-BASED SOLUTIONS
6.1.2 INTRODUCTION TO ICD-11 GUIDELINES
6.1.3 GROWING TREND OF SEMANTIC INTEROPERABILITY
6.2 REVENUE STREAM MODELS
FIGURE 18 GLOBAL MARKET: REVENUE STREAM
6.3 REGULATORY ANALYSIS
6.4 TERMINOLOGY STANDARDS
6.5 FAST HEALTHCARE INTEROPERABILITY RESOURCES (FHIR)
7 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION (Page No. - 45)
7.1 INTRODUCTION
TABLE 3 GLOBAL MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
7.2 DATA AGGREGATION
7.2.1 WITHOUT A COMMON TERMINOLOGY FOR AGGREGATING PATIENT DATA, THE POTENTIAL FOR MEDICAL ERRORS CAN INCREASE—A KEY FACTOR DRIVING MARKET GROWTH
TABLE 4 GLOBAL MARKET FOR DATA AGGREGATION APPLICATIONS, BY REGION, 2020–2027
7.3 REIMBURSEMENT
7.3.1 TERMINOLOGY SOLUTIONS PLAY AN IMPORTANT ROLE IN ENSURING APPROPRIATE REIMBURSEMENT FOR HEALTHCARE SERVICES RENDERED
TABLE 5 GLOBAL MARKET FOR REIMBURSEMENT APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
7.4 PUBLIC HEALTH SURVEILLANCE
7.4.1 POPULATION-BASED ANALYTICS INCLUDES THOSE INVESTIGATIONS THAT BENEFIT THE ENTIRE POPULATION, INCLUDING PUBLIC HEALTH SURVEILLANCE
TABLE 6 GLOBAL MARKET FOR PUBLIC HEALTH SURVEILLANCE APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
7.5 DATA INTEGRATION
7.5.1 TERMINOLOGY SOLUTIONS CAN UNIFY, CLEAN, AND NORMALIZE THE DATA COLLECTED FROM MULTIPLE DATA SOURCES
TABLE 7 GLOBAL MARKET FOR DATA INTEGRATION APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
7.6 DECISION SUPPORT
7.6.1 INCORPORATION OF STANDARDIZED TERMINOLOGY IN CDSS WILL HELP FACILITATE THE COMPARABILITY OF MEDICAL DATA
TABLE 8 GLOBAL MARKET FOR DECISION SUPPORT APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
7.7 CLINICAL TRIALS
7.7.1 USE OF CONSISTENT TERMINOLOGY WITHIN AND BETWEEN STUDIES IS CRITICAL TO CLINICAL TRIAL PROCESSES
TABLE 9 GLOBAL MARKET FOR CLINICAL TRIAL APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
7.8 QUALITY REPORTING
7.8.1 GOVERNMENTS ACROSS VARIOUS COUNTRIES ARE IMPLEMENTING A NUMBER OF REGULATIONS TO ENCOURAGE THE ADOPTION OF QUALITY REPORTING
TABLE 10 GLOBAL MARKET FOR QUALITY REPORTING APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
7.9 CLINICAL GUIDELINES
7.9.1 IMPLEMENTATION OF GUIDELINES HELPS ORGANIZE AND PROVIDE THE BEST AVAILABLE EVIDENCE TO SUPPORT CLINICAL DECISION-MAKING
TABLE 11 GLOBAL MARKET FOR CLINICAL GUIDELINE APPLICATIONS, BY REGION, 2020–2027 (USD MILLION)
8 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY PRODUCT & SERVICE (Page No. - 55)
8.1 INTRODUCTION
TABLE 12 GLOBAL MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
8.2 SERVICES
8.2.1 SERVICES CONTRIBUTE AN IMPORTANT SHARE TO THE MARKET DUE TO THEIR ABILITY TO BRIDGE GAPS IN THE STANDARDIZATION OF DATA FROM VARIOUS SOURCES
TABLE 13 MEDICAL TERMINOLOGY SERVICES MARKET, BY REGION, 2020–2027 (USD MILLION)
8.3 PLATFORMS
8.3.1 PLATFORMS PROVIDE A SINGLE SOURCE FOR ALL TERMINOLOGY NEEDS
TABLE 14 MEDICAL TERMINOLOGY PLATFORMS MARKET, BY REGION, 2020–2027 (USD MILLION)
9 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY END USER (Page No. - 59)
9.1 INTRODUCTION
TABLE 15 GLOBAL MARKET, BY END USER, 2020–2027 (USD MILLION)
9.2 HEALTHCARE PROVIDERS
FIGURE 19 US: HOSPITAL EHR ADOPTION (2007–2018)
TABLE 16 GLOBAL MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 17 GLOBAL MARKET FOR HEALTHCARE PROVIDERS, BY REGION, 2020–2027 (USD MILLION)
9.2.1 HEALTHCARE SERVICE PROVIDERS
9.2.1.1 Need to capture and document large amounts of data in healthcare organizations—a key driver for market growth
TABLE 18 GLOBAL MARKET FOR HEALTHCARE SERVICE PROVIDERS, BY REGION, 2020–2027 (USD MILLION)
9.2.2 HEALTH INFORMATION EXCHANGES
9.2.2.1 HIEs provide healthcare professionals and patients with electronic access to therapeutic data when and where they require it
TABLE 19 GLOBAL MARKET FOR HEALTH INFORMATION EXCHANGES, BY REGION, 2020–2027 (USD MILLION)
9.3 HEALTHCARE PAYERS
TABLE 20 GLOBAL MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 21 GLOBAL MARKET FOR HEALTHCARE PAYERS, BY REGION, 2020–2027 (USD MILLION)
9.3.1 PRIVATE PAYERS
9.3.1.1 Terminology management solutions provide private payers with the data needed to leverage competitive agreements during provider contract negotiations
TABLE 22 GLOBAL MARKET FOR PRIVATE PAYERS, BY REGION, 2020–2027 (USD MILLION)
9.3.2 PUBLIC PAYERS
9.3.2.1 Increasing government initiatives to improve healthcare coverage and quality of care are driving the adoption of terminology solutions among public payers
TABLE 23 GLOBAL MARKET FOR PUBLIC PAYERS, BY REGION, 2020–2027 (USD MILLION)
9.4 HEALTHCARE IT VENDORS
9.4.1 MEDICAL TERMINOLOGY IMPLEMENTATION PROVIDES VARIOUS BENEFITS TO HEALTHCARE IT VENDORS
TABLE 24 GLOBAL MARKET FOR HEALTHCARE IT VENDORS, BY REGION, 2020–2027 (USD MILLION)
9.5 OTHER END USERS
TABLE 25 GLOBAL MARKET FOR OTHER END USERS, BY REGION, 2020–2027 (USD MILLION)
10 MEDICAL TERMINOLOGY SOFTWARE MARKET, BY REGION (Page No. - 70)
10.1 INTRODUCTION
TABLE 26 GLOBAL MARKET, BY REGION, 2020–2027 (USD MILLION)
10.2 NORTH AMERICA
FIGURE 20 NORTH AMERICA: MARKET SNAPSHOT
TABLE 27 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2027 (USD MILLION)
TABLE 28 NORTH AMERICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
TABLE 29 NORTH AMERICA: MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
TABLE 30 NORTH AMERICA: MARKET, BY END USER, 2020–2027 (USD MILLION)
TABLE 31 NORTH AMERICA: MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 32 NORTH AMERICA: MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
10.2.1 US
10.2.1.1 Presence of major market players in the US makes it the largest market for medical terminology solutions
TABLE 33 US: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
TABLE 34 US: MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
TABLE 35 US: MARKET, BY END USER, 2020–2027 (USD MILLION)
TABLE 36 US: MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 37 US: MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
10.2.2 CANADA
10.2.2.1 Canada is projected to register the highest CAGR during the forecast period
TABLE 38 CANADA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
TABLE 39 CANADA: MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
TABLE 40 CANADA: MARKET, BY END USER, 2020–2027 (USD MILLION)
TABLE 41 CANADA: MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 42 CANADA: MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
10.3 EUROPE
10.3.1 GROWING IMPLEMENTATION OF VARIOUS EHEALTH INITIATIVES MAKES EUROPE A LUCRATIVE MARKET FOR MEDICAL TERMINOLOGY SOLUTIONS
TABLE 43 EUROPE: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
TABLE 44 EUROPE: MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
TABLE 45 EUROPE: MARKET, BY END USER, 2020–2027 (USD MILLION)
TABLE 46 EUROPE: MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 47 EUROPE: MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
10.4 ASIA PACIFIC
10.4.1 IMPROVING HEALTHCARE INFRASTRUCTURE IN SEVERAL APAC COUNTRIES DRIVES GROWTH IN THIS REGIONAL SEGMENT
FIGURE 21 ASIA PACIFIC: MARKET SNAPSHOT
TABLE 48 ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
TABLE 49 ASIA PACIFIC: MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
TABLE 50 ASIA PACIFIC: MARKET, BY END USER, 2020–2027 (USD MILLION)
TABLE 51 ASIA PACIFIC: MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 52 ASIA PACIFIC: MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
10.5 LATIN AMERICA
10.5.1 FAVORABLE GOVERNMENT INITIATIVES IN SEVERAL LATIN AMERICAN COUNTRIES PROMOTE THE ADOPTION OF MEDICAL TERMINOLOGY SOLUTIONS
TABLE 53 LATIN AMERICA: MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
TABLE 54 LATIN AMERICA: MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
TABLE 55 LATIN AMERICA: MARKET, BY END USER, 2020–2027 (USD MILLION)
TABLE 56 LATIN AMERICA: MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 57 LATIN AMERICA: MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
10.6 MIDDLE EAST & AFRICA
10.6.1 MIDDLE EASTERN COUNTRIES ARE INVESTING IN EHRS TO SUPPORT THE MANAGEMENT OF DATA AND IMPROVE THE QUALITY AND EFFICIENCY OF CARE DELIVERY
TABLE 58 MIDDLE EAST & AFRICA: MEDICAL TERMINOLOGY SOFTWARE MARKET, BY APPLICATION, 2020–2027 (USD MILLION)
TABLE 59 MIDDLE EAST & AFRICA: MARKET, BY PRODUCT & SERVICE, 2020–2027 (USD MILLION)
TABLE 60 MIDDLE EAST & AFRICA: MARKET, BY END USER, 2020–2027 (USD MILLION)
TABLE 61 MIDDLE EAST & AFRICA: MARKET FOR HEALTHCARE PROVIDERS, BY TYPE, 2020–2027 (USD MILLION)
TABLE 62 MIDDLE EAST & AFRICA: MARKET FOR HEALTHCARE PAYERS, BY TYPE, 2020–2027 (USD MILLION)
11 COMPETITIVE LANDSCAPE (Page No. - 93)
11.1 OVERVIEW
FIGURE 22 KEY GROWTH STRATEGIES ADOPTED BETWEEN JANUARY 2019 AND JUNE 2022
11.2 RANKING OF KEY PLAYERS, 2021
FIGURE 23 INTELLIGENT MEDICAL OBJECTS, INC. DOMINATED THE MEDICAL TERMINOLOGY SOFTWARE MARKET IN 2021
11.3 COMPANY EVALUATION MATRIX
11.3.1 STARS
11.3.2 EMERGING LEADERS
11.3.3 PERVASIVE PLAYERS
11.3.4 PARTICIPANTS
FIGURE 24 GLOBAL MARKET: COMPETITIVE LEADERSHIP MAPPING, 2022
11.4 COMPETITIVE SITUATIONS AND TRENDS
11.4.1 PRODUCT/SERVICE LAUNCHES & UPGRADES
TABLE 63 KEY PRODUCT/SERVICE LAUNCHES & UPGRADES (2019−2022)
11.4.2 DEALS
TABLE 64 KEY DEALS (2019−2022)
12 COMPANY PROFILES (Page No. - 99)
(Business Overview, Products & Services, Recent Developments, MnM View)*
12.1 INTELLIGENT MEDICAL OBJECTS, INC.
TABLE 65 INTELLIGENT MEDICAL OBJECTS, INC.: BUSINESS OVERVIEW
12.2 WOLTERS KLUWER N.V.
TABLE 66 WOLTERS KLUWER N.V.: BUSINESS OVERVIEW
FIGURE 25 WOLTERS KLUWER N.V.: COMPANY SNAPSHOT (2021)
12.3 CLINICAL ARCHITECTURE, LLC
TABLE 67 CLINICAL ARCHITECTURE, LLC: BUSINESS OVERVIEW
12.4 3M
TABLE 68 3M: BUSINESS OVERVIEW
FIGURE 26 3M: COMPANY SNAPSHOT (2021)
12.5 APELON, INC.
TABLE 69 APELON, INC.: BUSINESS OVERVIEW
12.6 CARECOM
TABLE 70 CARECOM: BUSINESS OVERVIEW
12.7 BITAC
TABLE 71 BITAC: BUSINESS OVERVIEW
12.8 B2I HEALTHCARE
TABLE 72 B2I HEALTHCARE: BUSINESS OVERVIEW
12.9 BT CLINICAL COMPUTING
TABLE 73 BT CLINICAL COMPUTING: BUSINESS OVERVIEW
12.10 HIVEWORX
TABLE 74 HIVEWORX: BUSINESS OVERVIEW
*Details on Business Overview, Products & Services, Recent Developments, MnM View might not be captured in case of unlisted companies.
13 APPENDIX (Page No. - 117)
13.1 DISCUSSION GUIDE
13.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.3 AVAILABLE CUSTOMIZATIONS
13.4 RELATED REPORTS
13.5 AUTHOR DETAILS
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Secondary Research
This research study involved the extensive use of secondary sources; directories; databases such as Bloomberg Business, Factiva, and Wall Street Journal; white papers; and annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the medical terminology software market. It was also used to obtain important information about key players, market classification & segmentation according to industry trends, and key developments related to market perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include CEOs, vice presidents, marketing & sales directors, business development managers, and innovation directors of terminology service and platform provider companies. Demand-side primary sources include industry experts such as personnel from provider organizations, healthcare IT vendors, and other related key opinion leaders.
A breakdown of the primary respondents is provided below:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product & services, application, end user, and region).
Data Triangulation
After arriving at the market size, the global market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.
Global Medical terminology software Market Size: Top-Down Approach
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Objectives of the Study
- To define, describe, and forecast the medical terminology software market by product & service, application, end user, and region
- To provide detailed information regarding the major factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for market players
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- To strategically profile key players and comprehensively analyze their product portfolios, market shares, and core competencies in the global market
- To track and analyze competitive developments such as partnerships, collaborations, acquisitions, and product launches in the global market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Geographic Analysis
- A further breakdown of the European market into Germany, the UK, France, and the Rest of Europe
- A further breakdown of the Asia Pacific market into Japan, Singapore, and Australia
Generating Response ...
Growth opportunities and latent adjacency in Medical Terminology Software Market